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Barings Global Short Duration High Yield Fund

(Ticker:BGH)

Share Price
as of 07/10/2020
$12.55
Weighted Average Duration
as of 06/30/2020
2.50 yrs
Distribution Rate1
(Share Price)
as of 05/31/2020
10.69%

About the Fund

The Barings Global Short Duration High Yield Fund seeks to generate as high a level of current income as we determine is consistent with capital preservation, and seeks capital appreciation as a secondary objective. The Fund expects to maintain a weighted average portfolio duration of three years or less and a weighted average portfolio maturity of five years or less.

Barings' strength in fundamental credit analysis and deep expertise across the global fixed income spectrum underpins the Fund’s strategy, allowing portfolio managers to identify relative-value opportunities between geographies, primarily the North American and Western European high yield bond and loan markets. For example, the Fund will seek to take advantage of differences in pricing between bonds of an issuer denominated in U.S. dollars and substantially similar bonds of the same issuer denominated in euros, potentially allowing the Fund to achieve a higher relative return for the same credit risk exposure.

1The Distribution Rate is based on the Fund’s most recent monthly distribution, annualized and divided by the Fund’s month-end Share Price or NAV. 

Strategy

  • Fund will invest at least 80 percent of its managed assets2 in corporate bonds, loans and other income-producing instruments that are rated below investment grade
  • Fund may invest up to 50 percent of its managed assets in bonds and loans issued by foreign companies
  • Seek to maintain a weighted average portfolio duration of three years or less
     

2”Managed Assets” are the total assets of the Fund (including assets attributable to leverage) minus the sum of the Fund’s accrued liabilities (other than liabilities incurred for the purpose of leverage).

Fund Information

as of 05/31/2020
Total Assets $355
Inception Date 10/25/2012
Dividend Reinvestment Yes
Primary Exchange NYSE
Ticker BGH

Fund Data

as of 07/10/2020
Net Asset Value (NAV) $14.14
Total Net Assets $285,475,350
Premium / (Discount) to NAV -10.82%
Dividend Frequency N/A

The Fund strikes its net asset value (NAV) on a monthly basis at month-end. Intramonth NAV calculations are estimated.

Definitions: Net Asset Value (NAV) is total assets less total liabilities, divided by the number of shares outstanding. Share Price is the closing price of a closed-end fund on the New York Stock Exchange (NYSE), as of the trading day noted. Premium/Discount is the percent difference between the Share Price and the NAV. There is no guarantee that you will receive the stated Premium/Discount and additional fees may result from individual broker fees and transactions costs in the secondary market.

Performance

Fund Performance

July YTD 1 Year 3 Years 5 Years
NAV 0.64% -18.73% -16.06% -3.61% 1.53%
Share Price -0.16% -24.23% -22.83% -5.15% 0.95%

Since inception date: 10/26/2012

June YTD 1 Year 3 Years 5 Years Since Inception
NAV 5.25% -18.81% -15.72% -3.87% 1.35% 3.40%
Share Price 6.96% -24.15% -20.86% -5.05% 1.11% 1.27%

Since inception date: 10/26/2012

QTR YTD 1 Year 3 Years 5 Years Since Inception
NAV 16.62% -18.81% -15.72% -3.87% 1.35% 3.40%
Share Price 15.97% -24.15% -20.86% -5.05% 1.11% 1.27%

Since inception date: 10/26/2012

Share Price and NAV History

as of 06/30/2020

Data for the chart above reflects month-end.

Premium / Discount History

as of 06/30/2020

Data for the chart above reflects month-end.

Before investing you should consider carefully the Fund's investment objectives, risks, charges and expenses.

Distributions

Distribution History

Ex Date Record Date Payable Date Amount
06/19/2020 06/20/2020 07/01/2020 $0.1056
05/19/2020 05/20/2020 06/01/2020 $0.1056
04/21/2020 04/22/2020 05/01/2020 $0.1056
03/20/2020 03/21/2020 04/01/2020 $0.1408
02/19/2020 02/20/2020 03/02/2020 $0.1408
01/22/2020 01/23/2020 02/03/2020 $0.1408
12/20/2019 12/21/2019 01/02/2020 $0.1482
11/19/2019 11/20/2019 12/02/2019 $0.1482
10/22/2019 10/23/2019 11/01/2019 $0.1482
09/19/2019 09/20/0019 10/01/2019 $0.1482
08/21/2019 08/22/2019 09/03/2019 $0.1482
07/22/0019 07/23/0019 08/01/2019 $0.1482

Download Distribution History

The Fund seeks to pay a distribution at a rate that reflects net investment income actually earned. A portion of each distribution may be treated as paid from sources other than net investment income, including but not limited to short-term capital gain, long-term capital gain or return of capital. The final determination of the source and tax characteristics of these distributions will depend upon the Fund’s investment experience during its fiscal year and will be made after the Fund’s year end. The Fund will send to investors a Form 1099-DIV for the calendar year that will define how to report these distributions for federal income tax purposes. For more information about a distribution’s composition, refer to the distribution’s press release or Section 19(a) notice.

Distribution Rate

as of 05/31/2020
Share Price 10.69%
NAV 9.41%

IPO Information

Date 10/26/2012
Share Price $25.00
NAV $23.83
CUSIP 05617T100
Ticker BGH

1The Distribution Rate is based on the Fund’s most recent monthly distribution, annualized and divided by the Fund’s month-end Share Price or NAV. 

Source: Barings and U.S. Bancorp Fund Services, LLC. 
 
Before investing you should consider carefully the Fund's investment objectives, risks, charges and expenses.

Portfolio as of 06/30/2020

Portfolio Assets Composition

Quality Distribution

Ratings % of Assets
BBB 0.25%
BB 14.96%
B 37.46%
CCC AND BELOW 45.75%
NR 1.58%
Total 100.00%

Percentages of assets are expressed by market value including cash, short-term instruments and accrued income, and will vary over time. Ratings shown are the highest rating given by one of the following national rating agencies: S&P, Moody’s or Fitch. Additional information about ratings can be found at www.standardandpoors.com,www.moodys.com and www.fitchratings.com. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings categories used by S&P and Fitch; BB, B, CCC/CC/C and D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, A and Baa are investment grade ratings categories used by Moody’s; Ba, B, Caa/Ca and C are below investment grade ratings categories used by Moody’s. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated Not Publicly Rated are not rated by these national rating agencies.

Top 5 Countries

Country % of Assets
UNITED STATES 81.86%
UNITED KINGDOM 6.39%
ZAMBIA 3.05%
GERMANY 2.26%
DENMARK 1.39%
Total 94.95%

Capital Structure

Total Net Assets $270
Total Assets $355
Total Leveraged Assets $81,450,000
Leveraged 22.97%

Weighted Averages

Market Price ($) $78.08
Duration (Yrs) 2.50 yrs

Top 10 Holdings

Holding % of Assets
ACRISURE 4.41%
VERITAS 4.11%
FINASTRA (FKA MISYS) 3.64%
COMMSCOPE INC. 3.63%
BAUSCH HEALTH COMPANIES (FKA VALEANT PHARMACEUTICALS) 3.22%
FIRST QUANTUM MINERALS LTD 3.05%
VINE OIL & GAS 2.89%
CLARIOS (FKA POWER SOLUTIONS) 2.44%
KENAN ADVANTAGE 2.38%
MANITOWOC CRANES 2.29%
Total 32.06%

Holdings are subject to change.

Top 10 Moody's Industries

Industry % of Assets
HEALTHCARE, EDUCATION AND CHILDCARE 10.95%
OIL AND GAS 10.16%
TELECOMMUNICATIONS 6.88%
DIVERSIFIED / CONGLOMERATE SERVICE 6.88%
MINING, STEEL, IRON AND NON PRECIOUS METALS 6.01%
ELECTRONICS 5.99%
INSURANCE 4.41%
CHEMICALS, PLASTICS AND RUBBER 4.23%
BROADCASTING AND ENTERTAINMENT 3.57%
DIVERSIFIED / CONGLOMERATE MANUFACTURING 3.24%
Total 62.32%

Percentage of assets are expressed by market value including cash and accrued income, and will vary over time.

Before investing you should consider carefully the Fund's investment objectives, risks, charges and expenses. 

Documents

Before investing you should consider carefully the Fund's investment objectives, risks, charges and expenses.  

Performance results reflect past performance and are no guarantee of future results. Current performance may be lower or higher than the performance data quoted. The market value and net asset value (NAV) will fluctuate with market conditions. Shares of closed-end investment companies frequently trade at a discount from their net asset value. All returns one year or less are cumulative. 
 
Definitions: Net Asset Value (NAV) is total assets less total liabilities, divided by the number of shares outstanding. Share Price is the closing price of a closed-end fund on the New York Stock Exchange (NYSE), as of the trading day noted. Premium/Discount is the percent difference between the Share Price and the NAV. There is no guarantee that you will receive the stated Premium/Discount and additional fees may result from individual broker fees and transactions costs in the secondary market. Weighted Average Market Price is the weighted average market price, including the effects of leverage, of the Fund’s bonds and loans. Weighted Average Duration is the weighted average duration, including the effects of leverage, of the Fund’s bonds and loans, which is a measure of the Fund’s price sensitivity expressed in years.
 
*Percentage of assets are expressed by market value including cash and accrued income, and will vary over time. 
 
Ratings are based on Moody’s and S&P. If securities are rated differently by the rating agencies, the higher rating is applied and all ratings are converted to the equivalent Moody’s major rating category for purposes of the category shown. Credit ratings are based largely on the rating agency’s investment analysis at the time of rating and the rating assigned to any particular security is not necessarily a reflection of the issuer’s current financial condition. The rating assigned to a security by a rating agency does not necessarily reflect its assessment of the volatility of a security’s market value or of the liquidity of an investment in the security. Ratings of Baa3 or higher by Moody’s and BBB- or higher by S&P are considered to be investment grade quality. 
 
An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle. 
 
Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. The Fund invests in high yield bonds, commonly referred to as “junk bonds”, including distressed securities, which are subject to greater credit risk (the risk that an issuer won’t make timely payments of principal and interest) and market risk (the risk that the value of the Fund’s investments may fall, sometimes rapidly or unpredictably, as a result of increasing interest rates or otherwise); loans and derivative securities, which may carry market, credit and liquidity risk (the risk that the Fund’s investments may be difficult to sell at an advantageous time or price); foreign securities, which are subject to additional risks including political and economic risks. The Fund employs leveraging techniques, which may magnify losses, increase portfolio expenses, and cause the Fund’s NAV and distributions to be more volatile. The Fund may trade at a discount to its net asset value and is subject to anti-takeover provisions that may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of Fund shareholders. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. Before investing you should consider carefully the Fund’s investment objectives, risks, charges and expenses. 
 
Investment products are not insured by FDIC or any federal government agency, may lose value, and are not a deposit or guaranteed by any bank or any bank affiliate.
 
Click here to review a Reporting Person's Section 16 filings. The link will take you to the SEC ‘s web site.

 

Click here to report Complaints or Concerns Regarding Accounting or Auditing Matters via the service provider’s website. Additional reporting options can be found under Fund Documents.

 

Portfolio Managers

Sean Feeley, CFA

Sean Feeley, CFA

Scott Roth, CFA

Scott Roth, CFA

Craig Abouchar, CFA

Craig Abouchar, CFA

Chris Sawyer

Chris Sawyer

News & Events

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The opinions and other information contained herein, whether express or implied are made in good faith in relation to the facts known at the time of preparation and are subject to change without notice. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

This material should not be construed as a recommendation, and Barings is not soliciting any action based upon such information. Additionally, the strategies and funds may not be available to all investor types in all jurisdictions. In some jurisdictions this website may contain advertising. 

Copyright © 2020 Barings. The BARINGS name and logo design are trademarks of Barings and are registered in U.S. Patent and Trademark Office and in other countries around the world. All rights are reserved.

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